Inheritance tax

2024 - 10 - 30

Inheritance Tax: The New Rules Making You Rethink Your Will!

budget inheritance tax Agricultural Property Relief - AIM - Budget 2024 - Farmers - Inheritance Tax - Pensions - Rachel Reeves - UK Stocks - budget inheritance tax

The Autumn Budget has dropped some shocking inheritance tax changes. Are your savings safe from the taxman?

The Autumn Budget of 2024 has sent shockwaves through the financial community, particularly concerning the changes to inheritance tax that are set to make quite the splash. Chancellor Rachel Reeves has announced that UK stocks listed on the Alternative Investment Market (AIM) will now face a hefty 20% inheritance tax, alongside a series of other proposed measures. This significant tax burden has raised concerns for investors as speculation grows about a potential inheritance tax raid, with many now reconsidering their financial strategies and investments.

Not stopping there, Chancellor Reeves has further stirred the pot by announcing that inherited pensions will also fall under the scope of inheritance tax starting from April 2027. Financial experts predict this could have a profound effect on high net worth individuals and families planning their legacies. With the looming fear of taxation on previously sheltered pension pots, affluent estates are now more prone to surpass the calculated thresholds for taxation, meaning that more families could be caught off guard by their inheritance tax liabilities.

Moreover, the inheritance tax threshold freeze has been extended, now pushed back to 2030. This means that the first £325,000 of any estate can be passed on tax-free, but for many families, especially those with substantial pension savings, this may be a bittersweet blessing. The threshold for estates that include a residence passed to direct descendants has been touched up as well, allowing for a £500,000 exemption, but with the changes looming, many may find that their inheritance is suddenly less secure.

In this rapidly evolving financial landscape, investors have pulled a whopping £300 million from UK stocks amid these inheritance tax fears, particularly impacting small and mid-cap firms. The picture isn’t all bleak, though; Chancellor Reeves reassured that a 50% relief will apply to shares on the Alternative Investment Market, giving AIM investors a glimmer of hope amid the chaos. As families and individuals grasp the implications of these dramatic tax changes, it’s essential to evaluate financial strategies to navigate the rapidly shifting landscape ahead.

Did you know that inheritance tax only affects about 4% of estates in the UK? With these impending changes, that number could see a significant spike. Additionally, a staggering £22 billion is collected each year in inheritance tax, making it a crucial source of government revenue—so expect the taxman to come knocking more than ever!

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Image courtesy of "Portfolio Adviser"

Autumn Budget 2024: AIM company fears 'overblown' as 20 ... (Portfolio Adviser)

UK stocks listed on the Alternative Investment Market (AIM) will have a 20% inheritance tax applied to them, as part of a range of inheritance tax measures ...

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Image courtesy of "www.professionalpensions.com"

Autumn Budget 24: Inherited pensions to face inheritance tax from ... (www.professionalpensions.com)

Pensions passed on will be subject to inheritance tax (IHT) from 2027, chancellor Rachel Reeves has confirmed in today's (30 October) Budget.

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Image courtesy of "Financial News"

AIM share relief cut amid Budget inheritance tax crackdown (Financial News)

Chancellor Rachel Reeves has trimmed the tax relief available on AIM investments in a bid to raise more from inheritance tax. Most AIM stocks qualify for ...

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Image courtesy of "Echo"

Budget 2024: Rachel Reeves reveals Inheritance Tax changes (Echo)

Inheritance Tax is a tax paid on the estate (property, money and possessions) of someone who has passed away.

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Image courtesy of "Business MattersBusiness Matters"

Investors pull £300m from UK stocks amid inheritance tax fears (Business MattersBusiness Matters)

With speculation mounting over an inheritance tax raid in the Budget, investors are withdrawing funds from UK stocks, particularly small and mid-cap firms.

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Image courtesy of "Money Marketing"

Inherited pensions to move into scope of IHT | Money Marketing (Money Marketing)

Chancellor Rachel Reeves has moved inherited pensions into the scope of inheritance tax (IHT). The announcement was made in the Autumn Budget today (30 ...

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Image courtesy of "Financial Reporter"

Budget 2024: Govt to bring pensions into inheritance tax (Financial Reporter)

Labour has announced that it will freeze income tax thresholds until 2028, but bring inherited pensions into inheritance tax from April 2027.

UK BUDGET: AIM gets much-needed boost from inheritance tax ... (AJ Bell Youinvest)

Reeves said a 50% relief would apply in all circumstances on inheritance tax for shares on the alternative investment market, and other similar markets, setting ...

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Image courtesy of "FT Adviser"

Budget 2024: IHT thresholds frozen until 2030 (FT Adviser)

The freeze was initially put in place until 2028 by the previous government but this has been extended in today's Budget. Reeves said she will maintain the ...

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Image courtesy of "Portfolio Adviser"

Autumn Budget 2024: Chancellor extends IHT threshold freeze to ... (Portfolio Adviser)

Chancellor Rachel Reeves has said the inheritance tax threshold freeze has been extended from 2028 to 2030.

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Image courtesy of "Investors Chronicle"

Pension pots to be taxed in IHT crackdown (Investors Chronicle)

Chancellor announces tighter inheritance tax rules although pensions escape worst of feared changes.

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Image courtesy of "This is Money"

Families face inheritance tax raid on pensions - what it means for ... (This is Money)

Adding unspent pension pots into inheritance tax calculations means thresholds will be breached by many more estates in future. The move is part of a £2billion ...

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Image courtesy of "London Loves Business"

Pension pots brought into inheritance tax liability - London Business ... (London Loves Business)

Inheritance tax implications for pension pots revealed in Autumn Budget. Understand the new rules and start reviewing your retirement plans today.

UK Budget: inherited pensions facing inheritance tax (Out-Law.com)

Changes to the UK's inheritance tax regime are likely to prompt a widespread re-evaluation of financial strategies by high net worth individuals, ...

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Image courtesy of "Insider Media"

Inheritance tax threshold freeze extended for a further two years (Insider Media)

That means the first £325,000 of any estate can be inherited tax free, rising to £500,000 if the estate includes a residence passed to direct ascendance and £1m ...

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Image courtesy of "BBC News"

Farmers "betrayed" by Labour's £1m inheritance tax relief limit (BBC News)

Changes announced to inheritance tax rules could see the end of small family farms, warns the NFU.

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Image courtesy of "Morningstar"

Inheritance Tax Blow for Pension Savers in Autumn Budget (Morningstar)

Government now says it doesn't want pensions to be used to pass on wealth.

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Image courtesy of "FarmersWeekly"

Budget delivers heavy cut to farming's inheritance tax reliefs (FarmersWeekly)

Chancellor Rachel Reeves has slashed farming's favourable inheritance tax reliefs in this week's Budget, limiting 100% agricultural property relief and.

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Image courtesy of "Farmers Guide"

Chancellor announces inheritance tax reforms - Farmers Guide (Farmers Guide)

After much speculation and lobbying from the farming industry, Chancellor Rachel Reeves has confirmed changes to inheritance tax reliefs.

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Image courtesy of "BBC News"

Farmers "betrayed" by Labour's £1m inheritance tax relief limit (BBC News)

Changes announced to inheritance tax rules could see the end of small family farms, warns the NFU.

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Image courtesy of "The Guardian"

UK farmers: share your views on the changes to inheritance tax (The Guardian)

UK farms worth more than £1 million will no longer be exempt from paying inheritance tax, Rachel Reeves has announced in her autumn budget. For combined ...

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Image courtesy of "Financial Times"

Inheritance tax reforms to hit business owners and farmers (Financial Times)

Substantial changes to the UK's inheritance tax regime announced in Wednesday's Budget will have a big impact on business and farm owners, ...

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Image courtesy of "www.professionalpensions.com"

Autumn Budget 24: Inherited pensions to face IHT from 2027 (www.professionalpensions.com)

Pensions and death benefits passed on will be subject to inheritance tax (IHT) from 2027, with both defined contribution and defined benefit schemes ...

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Image courtesy of "FarmersWeekly"

Budget delivers heavy cut to farming's inheritance tax reliefs (FarmersWeekly)

Chancellor Rachel Reeves has slashed farming's favourable inheritance tax reliefs in this week's Budget, limiting 100% agricultural property relief and.

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Image courtesy of "Financial Times"

Farmers with assets over £1mn hit by inheritance tax reforms (Financial Times)

Industry counters that Budget cap will hammer agricultural businesses that are asset-rich but cash-poor.

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Image courtesy of "Darlington and Stockton Times"

Inheritance tax changes for farms in Chancellor's Budget (Darlington and Stockton Times)

Serious concerns have been voiced for the future of family farms after major changes to inheritance tax were announced by Chancellor Rachel Reeves.

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Image courtesy of "Your Money"

Autumn Budget 2024: Inheritance tax frozen but pensions to be ... (Your Money)

Chancellor Rachel Reeves announced in her Autumn Budget that pensions will be considered when paying inheritance tax from 2027.

Autumn Budget makes significant changes to inheritance tax (economia)

The government has announced that the inheritance tax (IHT) nil rate band will be fixed for a further two years, business property relief (BPR) and ...

Inheritance Tax | Department of Revenue | Commonwealth of ... (PA Department of Revenue)

Inheritance tax is imposed as a percentage of the value of a decedent's estate transferred to beneficiaries by will, heirs by intestacy and transferees by ...

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Image courtesy of "Financial Times"

Closure of UK inheritance tax 'loophole' to penalise estates of ... (Financial Times)

Experts say big tax bills could result from Rachel Reeves' move in the Budget.

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Image courtesy of "IFA Magazine"

Octopus Inheritance Tax Service helps investors pass on more ... (IFA Magazine)

Since 2007, the Octopus Inheritance Tax Service has allowed investors to invest in the shares of companies which have positively contributed to the UK's.

Inheritance Tax (IHT): Autumn Budget 2024 - www.rossmartin.co.uk (RossMartin.co.uk)

Changes to Inheritance Tax (IHT) proposed during the Autumn Budget 2024 include significant changes to APR and BPR.

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